The union health ministry announced that starting from 1 August, the Food Safety and Standards Authority of India (FSSAI) will be enforcing specific identity standards for basmati rice. These regulatory standards will be comprehensive in nature. This blog aims to guide you about regulatory standards for basmati rice in depth. Comprehensive Regulatory Standards for Basmati … Read more
This blog aims to guide you about the New Tax Calculator which was recently launched on the income tax portal. As a taxpayer, it is important for you to calculate your taxes in the right way. A wrong calculation can lead to pain of Income Tax Return Filing once again. It may also lead to … Read more
MSMEs not only generate employment, but they also support big industrial houses and other entities. Thus, it’s rightly said that the MSMEs are the backbone of industrial development in the country. In emerging economies like India, the MSME sector can account for up to 40% of the GDP. So, the importance of MSMEs in economic … Read more
Charitable trusts are now subject to stricter reporting regulations by the income tax authorities, requiring additional information in audit reports and placing greater responsibility on auditors. Thus, the Central Board of Direct Taxes (CBDT) has introduced changes to the audit reports for charitable trusts. Let’s understand the latest updates for Charitable trusts through this article. … Read more
The Ministry of Corporate Affairs (MCA) has announced an extension of time for filing 45 company e-forms, including PAS-03 and SPICe+ Part A, in MCA v3 Portal with no additional late fee. The circular issued by the MCA on 21-02-2023 provides relief to companies that were facing difficulties in filing these e-forms within the original … Read more
Foreign remittance is the transfer of money from one country to another. It is a common practice for people who work or live abroad to send money to their families or friends back home. However, with the new tax rules coming into effect from July 1, 2022, it is important to understand how the taxation … Read more
Professional tax is a direct tax imposed on all types of professions, trades, and employment in proportion to an individual’s income. As per Article 276 of the Constitution, the responsibility of levying profession tax lies with the state governments. That’s why it differs from state to state. Each state has different rules and regulations for … Read more
Usually, ITR filing forms for a particular financial year are notified by the end of March or early April. However, considering the amendments in the Income-Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023. … Read more
On February 18, 2023, the 49th GST Council convened in New Delhi under the leadership of Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs. In attendance were Union Minister of State for Finance Shri Pankaj Chaudhary, finance ministers from states and union territories with legislatures, as well as senior officials from the … Read more
Finance Minister Nirmala Sitharaman stated at a Confederation of Indian Industry (CII) event that the matter of GST Rate on Cement will be investigated and, if necessary, referred to the GST fitment committee. Let’s read about the latest updates on the 28% GST Rate on Cement which may be revised soon through this article. Finance … Read more